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WESTLAKE CHEMICAL PARTNERS LP

(WLKP)
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Westlake Chemical Partners LP : WLKP IR Presentation 1Q 2021

05/28/2021 EDT

Westlake Chemical Partners LP

1st Quarter 2021

Commitment to Corporate Social Responsibility is

Formed by Five Longstanding Core Values

HEALTH, SAFETY

OUR PEOPLE

& ENVIRONMENT

("HSE")

The integrity,

creativity,

The health and

dedication, diversity

safety of our

and drive of our

employees and

employees allow us

communities, and

to excel. We

the vigilant

support, develop

stewardship of the

and inspire our

environment and

people to achieve

sustainability are of

their personal best

utmost importance

and treat them with

and at the forefront

dignity and respect

of everything we do

QUALITY &

COMPETITIVENESS

CITIZENSHIP

CONTINUOUS

IMPROVEMENT

We are committed to

We recognize the

enhancing the lives of

importance of

Our commitment to

people in the global

supporting the

quality products and

marketplace every

communities in

service is so strong

day. We do this by

which we work and

that both are

providing innovative

live and make it a

symbolized as the

and useful products,

priority to take an

two check marks that

maintaining high

form the Westlake

standards of

active role in

"W" in our logo. We

customer service and

making these

seek to maintain this

operational

communities better

commitment through

excellence with a

an intensive practice

constant focus on

of "never-ending

managing costs

process of

improvement"

2

Westlake Chemical Partners LP

  • Predictable and stable cash flows insulated from commodity price risk
  • Long history of reliable operations from strategically located assets

Stable and predictable cash flows

95% of sales at fixed margin to investment

grade parent

Long history of predictable operation

from strategically located assets

Globally cost advantaged feedstock with operating rates that exceed North American industry averages

Excellent governance and strategic

alignment with investment grade parent

Q3 2018 IDR reset with no compensation paid illustrates parent company commitment to Westlake Partners

Four levers of continued growth:

  • Negotiate higher ethylene margin
  • Acquisition opportunities
  • Periodic drop downs from OpCo
  • Expansion opportunities
  • WLKP's stable and predictable cash flows gives it the flexibility to keep its distribution stable to build cash in the current MLP equity market conditions
    • Ability to keep distribution stable places WLKP among top MLPs with many other MLPs reducing distributions during 2020
    • Significant growth runway remains available at WLKP through its four growth levers

3

Westlake Chemical Partners LP & Westlake Chemical Corporation

Predictable and Stable Cash Flows with Conservative Financial Structure

Investors

Investors

59.9% ownership

Westlake

Westlake

Chemical

40.1% ownership

Chemical Corp

Partners LP

(WLK)

(WLKP)

22.8% ownership

Westlake

77.2% ownership

Chemical

OpCo LP

WLKP's predictable and stable cash flows are bolstered by:

  • Increased earnings and extended distribution growth runway through added capacity expansions, IDR reset, significant remaining drop down capacity at OpCo, and potential opportunity to acquire an interest in the Lotte / Westlake JV cracker
  • Conservative balance sheet and a DCF coverage ratio target of 1.1x providing significant flexibility to fund future growth

4

Westlake Partners Assets Provide Vital Ethylene to

Westlake Chemical

Lake Charles,

Calvert City, Kentucky

Longview, Texas

Louisiana Complex

Complex

Complex

• Two ethane-based processing

• One ethane-based processing

• A 200-mile common carrier ethylene

facilities at Westlake's Lake

facility located in Calvert City,

pipeline that runs from Mont Belvieu,

Charles, Louisiana complex

Kentucky

Texas to the Longview, Texas

• Combined capacity of 3 billion

• Capacity of 730 million pounds of

chemical complex, which includes

Westlake's Longview PE production

pounds of ethylene primarily

ethylene per year primarily

facility

consumed by Westlake in the

consumed by Westlake in the

production of chemicals

production of higher value-added

including PE and PVC

chemicals including PVC

Westlake Chemical depends on Westlake Partners to supply the Ethylene used to produce all of its key end products: Polyethylene, Styrene, PVC, and Building Products

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Westlake Chemical Partners LP published this content on 28 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2021 16:36:05 UTC.


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Net income 2021 74,7 M - -
Net Debt 2021 349 M - -
P/E ratio 2021 12,0x
Yield 2021 7,44%
Capitalization 893 M 893 M -
EV / Sales 2021 1,12x
EV / Sales 2022 1,00x
Nbr of Employees -
Free-Float 55,0%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 25,36 $
Average target price 28,00 $
Spread / Average Target 10,4%
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Managers and Directors
Albert Yuan Chao President, Chief Executive Officer & Director
Mark Steven Bender Chief Financial Officer, Director & Executive VP
James Yuan Chao Chairman
L. Benjamin Ederington Secretary, CAO, Senior VP & General Counsel
Angela A. Minas Independent Director
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